§431:4F-103 Authorization of entry. (a) An alien insurer may use this State as a state of entry to transact insurance in the United States through a United States branch by:
(1) Qualifying as an insurer licensed to do business in this State; and
(2) Establishing trust accounts, pursuant to trust agreements approved by the commissioner with a United States financial institution approved by the commissioner, in an amount at least equal to the minimum capital and surplus or authorized control level risk-based capital, whichever is greater, required to be maintained by a domestic insurer licensed for the same kind of insurance.
(b) Before authorizing the entry of a United States branch of any alien insurer through this State, the commissioner shall in addition to the requirements of section 431:4F-105 and any other requirement of this chapter, require the alien insurer to:
(1) Comply with the requirements of section 431:3-212;
(2) Submit an English language translation, as necessary, of any of the documents required in paragraph (1); and
(3) Submit to an examination of the insurer's affairs at its principal office within the United States. [L 2004, c 120, pt of §2; am L 2010, c 116, §1(4)]
Section: Previous 431-4a-101 431-4a-102 431-4a-103 431-4a-104 431-4a-105 431-4f-101 431-4f-102 431-4f-103 431-4f-104 431-4f-105 431-4f-106 431-4f-107 431-4f-108 431-5-101 431-5-102 NextLast modified: October 27, 2016